Stock market institutional and regulatory framework in the Baltic States

Abstract

This paper focuses on the institutional and regulatory aspects of stock market in the Baltic States. Research aim is to assess stock market institutional and regulatory framework in the Baltic States. Analysis of the main European Union (EU) legislation acts, national laws, supervisory and market organizer rules and regulations were performed, as well as were examined European level and national level institutions, in terms of state authorities performing supervision and market organization. Authors investigated and created comprehensive structure of how stock market supervision and market organization is executed among three Baltic States, as well as constructed an extensive scheme of the main stock market impacting regulatory documents on both the (EU) and national level. Authors concluded that stock market has 2 level organization and supervision, and is most similar in Estonia and in Latvia, while in terms of national legislation stock market is more similar in Latvia and in Lithuania, with in Estonia differentiating and thus creating an advantage and being more attractive for the companies interested to be listed there.